Ripple, a UK-based renewable energy platform, has successfully secured its initial £750,000 funding target on equity crowdfunding platform Seedrs. The funding round was launched last month and has so far attracted more than 880 investors. As previously reported, Ripple was founded in 2017 and its vision is to create a renewable energy future owned by people, not companies.
“People want to reduce their carbon footprint and they want low, stable electricity bills. Until now rooftop solar was the main way to do it, but it can be expensive and not suitable for people who rent or live in flats. Ripple is a clean energy ownership platform with an aim to enable people to own new, large scale wind farms and have the clean, low cost, stable priced power they produce supplied to their homes.”
Ripple’s platform will notably bring together everything needed for clean energy ownership and supply into a complete, easy to use service. It was also revealed:
“We believe that in future people won’t need utilities or pension funds to own wind farms or solar parks for them, with Ripple’s help they’ll be able to do it themselves.”
Funds from the crowdfunding campaign on Seedrs will be used for the following:
- Complete development of the platform: Completes the development of the ownership platform, customer management system and website ahead of the launch of the pilot project.
- Launch the pilot project: Pays for the transaction and marketing costs involved in launching the pilot wind farm (note – it does not pay for the construction or purchase of the pilot, customers pay for that).
- Build the team: Enables Ripple to recruit. Recruitment will focus on the Tech team, as well as recruitment of a Finance Director and Business Development manager.
- Prepare for the full scale project: Funds Ripple’s business costs during the preparation for the launch of the full scale project in early 2020.
The funding round is currently set to close later this month.
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